2015年-世界发展银行全球_SME_Exchanges_in_Emerging_Market_Economies___A_Stocktaking_of_Development_Practices_42页_1mb

Summary of "SME Exchanges in Emerging Market Economies: A Stocktaking of Development Practices"

Core Content

This paper provides an overview of the development and challenges of SME exchanges in emerging market economies (EMCs). It highlights that while many EMCs have attempted to establish SME exchanges, few have succeeded. The paper aims to guide stock exchanges and policy makers in determining whether, when, how, and for whom to develop an SME exchange, while balancing the need for cost efficiency and investor protection.

Main Views and Key Information

1. Role of SMEs in Economic Development

• SMEs are a critical component of economic growth and job creation in EMCs.
• They account for a significant portion of GDP, employment, and the total number of firms in many EMCs.
• For example:
  • In South Africa, SMEs account for 52–57% of GDP, 91% of firms, and 61% of employment.
  • In Poland, SMEs account for 72% of GDP, over 99% of firms, and 69% of employment.

2. Challenges in Developing SME Exchanges

• SMEs in EMCs are generally smaller and less developed than those in developed markets.
• This makes them more challenging to finance and less attractive to investors, especially in terms of liquidity and governance.
• The paper notes that the success of SME exchanges is not guaranteed and requires a supportive environment.

3. Successful Examples and Lessons Learned

• The paper draws on the experience of seven SME exchanges and the World Federation of Exchanges.
• Some successful examples include:
  • AIM (UK): A successful model with over 3,400 listed companies.
  • TSXV (Canada): A venture exchange with a focus on growth-oriented SMEs.
  • GreTai (Taiwan): A stand-alone SME exchange with over 1,133 listed companies.
  • WSE NewConnect (Poland): A market for SMEs with 508 listed companies as of 2014.
• These exchanges have adopted several common practices, such as:
  • Focusing on SMEs with significant growth potential.
  • Being legally linked to the main board.
  • Maintaining standard disclosure requirements but reducing submission frequency and allowing online dissemination.
  • Offering private placements to reduce entry barriers.
  • Utilizing regulated advisors to vet issuers and provide investor confidence.
  • Conducting outreach, awareness campaigns, and training for SMEs.
  • Implementing tax incentives for investors.

4. Structure of SME Exchanges

• There are three common structures for SME exchanges:
  1. Separate board or market under the main market: Most exchanges follow this model, as it benefits from the reputation and regulatory infrastructure of the main board.
  2. Part of the main board: Some exchanges, like the ASX, have rules that allow for a "graduation" from SME to main board based on company size.
  3. Stand-alone exchange: GreTai is an example of a stand-alone SME exchange, though this model is rare and may not be suitable for all EMCs.

5. Regulatory and Operational Considerations

• The paper emphasizes the importance of a workable cost structure for SME exchanges.
• Regulatory frameworks should be designed to reduce costs for SMEs without compromising investor protection.
• Advisors play a crucial role in vetting SMEs and providing comfort to investors.
• Liquidity and trading mechanisms need to be developed, often through specialized intermediaries and secondary market support.
• Incentives for listing and investing are important, including government support and tax benefits for investors.

6. Limitations of the Study

• The paper does not address broader market development issues such as the availability of SMEs and investors, the legal and regulatory environment, or political context.
• It does not recommend a specific model for SME exchanges, as each exchange must be tailored to its own context.
• It also does not explore preconditions for SME exchange success, the relationship between SME exchanges and main boards, or the reasons investors choose SME exchanges.

Key Conclusions

The paper identifies several key approaches that have been widely adopted or could be beneficial for developing SME exchanges:

• Focus on SMEs with significant growth potential.
• Ensure the SME exchange is legally linked to the main board.
• Maintain standard disclosure requirements but reduce the frequency and costs of submissions.
• Allow private placements to lower entry barriers.
• Employ well-regulated advisors to assess and support SMEs.
• Conduct outreach and training for SMEs to build capacity and awareness.
• Offer tax incentives to attract investors.

These approaches are illustrated in the experiences of the seven exchanges discussed in the paper.

Future Work

The report is the first in a series and will be followed by more in-depth studies on topics such as:

• Preconditions for SME exchange success.
• The relationship between SME exchanges and main boards.
• Why investors invest in SME exchanges.
• The impact of reducing corporate governance requirements.

Figures and Tables

• Figure 1 highlights the key conclusions from the analysis.
• Table 1 outlines the SME definitions used in the paper.
• Table 2 provides a comparative overview of seven SME exchanges.
• Table 3 presents the importance of SMEs in terms of GDP, firm count, and employment.

Conclusion

SME exchanges can be a valuable tool for economic development in EMCs, but their success depends on a range of factors, including legal structure, regulatory design, cost efficiency, and investor incentives. While the paper does not offer a one-size-fits-all solution, it provides a framework for considering the development of SME exchanges based on the experiences of existing markets.